As for now, European unemployment is manageable
Unemployment in the eurozone fell slightly in September to 6.6 percent compared to August. As a result of the continuing labour market shortage, unemployment is at the lowest level ever recorded in the currency bloc. Earlier, the European statistical office Eurostat also reported an unemployment level of 6.6 percent for August, but that figure has been revised upwards to 6.7 percent.
In September last year, unemployment in the euro area was still 7.3 percent. Due to the strong economic recovery from the corona crisis, the demand for personnel is still high and many sectors are experiencing shortages of employees. For the entire European Union, Eurostat measured an unemployment rate of 6 percent. That was unchanged from August and less than the 6.7 percent in September 2021.
Nevertheless, there are still almost 11 million unemployed in the euro area and almost 13 million in the EU. Unemployment among young people under the age of 25 rose to 14.6 percent in both the eurozone and the EU in September. There are also still more women (7.1%) unemployed than men (6.2%) in the euro area. Unemployment is highest in Spain and Greece. The Netherlands is among the countries with the lowest unemployment.